High growth rate in the target drones market is projected
According to UAV market research agencies, the target drones market is estimated at USD 4.4 billion in 2020 and is projected to reach USD 6.3 billion by 2025. Increasing R&D investment and better funding for military training programs are key factors driving the growth of the target drones market.
The defense & security segment is projected to lead the target drones market.
Based on end-use sector, the target drones market is segmented into defense and commercial. The defense sector is expected to lead and grow at a high CAGR during the forecast period from 2020 to 2025. This segment is further classified into military and homeland security in the target drones market. Target drones are used by military agencies across the globe, owing to the benefits they offer to armed forces.
An increase in budgetary constraints, a decline in the recruitment of defense personnel, and an increase in the procurement of defense equipment by the US and European countries have necessitated the need to develop cost-effective solutions to accomplish military missions. These factors are driving the target drones market.
Asia Pacific projected to have a high growth rate in the target drones market during the forecast period.
North America is estimated to lead the target drones market across the forecast period from 2020 to 2025. Asia Pacific is also expected to have a high growth rate due to the increasing procurement of state-of-the-art equipment for military training programs.
North America is estimated to lead the target drones market across the forecast period from 2020 to 2025. Asia Pacific is also expected to have a high growth rate due to the increasing procurement of state-of-the-art equipment for military training programs.
Similarly, the Indian government is implementing new aviation policies to manufacture aircraft components in India. The ‘Make in India’ policy has allowed 100% FDI in the aerospace sector, which has attracted international aviation companies to India. Such policies have driven the demand for target drones for aviation training exercises in the country.